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Do you have an excess business loss?

Summary by gbacpa.com
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation.Disallowance ruleThe tax rules can get complicated if your business or rental activity throws off a tax loss — and many do during the early years. First, the passive activity loss (PAL) rules may apply if you aren’t very involved in the business or if it…
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gbacpa.com broke the news in on Wednesday, February 19, 2025.
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